Varo Money Has Pulled its FDIC Charter Application
Varo Money, a new digital bank, received preliminary and conditional approval from the Office of the Comptroller of the Currency. But it quietly withdrew its FDIC application earlier this year and intends to reapply before the end of the year. In hindsight, CEO Colin Walsh said it would have made more sense to apply with the FDIC after receiving the OCC’s conditional approval. The two agencies have different approval processes and this can cause confusion for some applicants. Source.